A rising tide raises all warships, including those that were historically considered to be shipwrecked. At least, that’s how it seemed on Wednesday, when some previously inactive altcoins exploded, with weekly surges varying from 3,000 to 6,500 percent.
The most prominent among them was Karma (KARMA), a social media project that debuted on the EOS blockchain in 2018. Karma’s dollar value has risen 6,530 percent in the last seven days, rising from a cent price of $0.000464 to $0.030767.
Trade value increased by 35,400% over the same time frame, but this does not imply that liquidity is readily accessible. By Wednesday, trade value had risen to $710, up from a weekly low of $2.
Between 2018 and 2020, the token lost more than 99 percent of its worth, the same year that no action was seen on the project’s Twitter account. Karma’s Telegram channel has seen a slew of new members in the last week, but there has been no word from the squad.
Karma switched from the EOS blockchain to Worldwide Asset sharing in 2019, and the most recent social media announcement involves the token’s convergence with a WAX cloud wallet. The WAX Protocol Token (WAXP) has gained 348 percent in the last month alone, riding the surge of NFT mania.
Nestree (EGG), this week’s other reawakened altcoin, has grown 3,018 percent in seven days, rising from $0.005511 to $0.171872. About half of the surge happened in a five-minute timeframe early Wednesday morning, indicating a market movement that was not normal. The South Korean exchange Bithumb accounted for more than 96 percent of the token’s $7 million trading rate, with transactions against the Korean won dominating.
Nestree is a rewards-based blockchain messenger that debuted in 2019. The project’s Twitter account has been less successful over time, with four tweets in 2020 followed by only one so far in 2021. The most recent announcement was a short “roadmap” detailing the creation of an e-commerce platform.
The Nestree app has received over 10,000 downloads on the Google Play store, but reports indicate that some personal information, such as a cell phone number, is needed to sign up. According to one reviewer, “this goes against the spirit of blockchain-based messaging applications.”
The cryptocurrency industry does not necessarily discriminate, as demonstrated by the statistics above. All pricing information was collected from CoinMarketCap.
200 Interactions, 2 today